The Fiat 500 will go on sale in the U.S. by the end of the year, according to Dodge Car Brand CEO Ralph Giles in a speech to the Economic Club of Chicago a few minutes ago.

This is despite conventional wisdom saying federalizing the car for the U.S. would take them until at least early 2011, if not later. He also said the Grand Cherokee will be on sale within three months. Given how desperate Chrysler is for new products before they run short on funding and FIAT runs short on patience, it could be a great step forward for the automaker... if it's true.